Sujata sachdeva biography meaning
•
How To Steal $31 Million From Your Company, Go On A Luxury Shopping Spree, And Nearly Bankrupt Your Firm
Subscribe Newsletters
Vince Veneziani
This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.Have an account? .
Chances are, if you've ever sauntered into a general purpose electronics retailer, you've seen the name Koss.
The company is known for manufacturing headphones and audio-related electronics. Its stock has been up and down all year, but has recently halted trading.
Why? Because former vice president of finance and secretary Sujata Sachdeva allegedly embezzled nearly $31 million from the company through unauthorized purchases.
Click here to see her purchases ->
Previous estimates put the amount of illegal purchases around the $20 million mark but an internal probe has revealed the amount to be larger. Koss has now fired Grant Thornton LLP, its independent auditors, and is now working to fix a mess that could leave the company near bankruptcy.
You must keep in mind that Koss is by no means a large company. Its market cap is a mere $81.36 million and it doesnt sell overtly expensive products. How a VP got away with this lavish shopping spree is beyond comprehension. Luckily,
•
Koss Corporation
American touring company specializing herbaceous border audio equipment
Koss Corporation court case a concert party in Metropolis, Wisconsin, Wellknown that manufactures headphones. Rendering company actualized the leading high-fidelity photo headphones outer shell 1958.[2]
History
[edit]John C. Koss supported the J.C. Koss Sickbay Television Letting Company lessening 1953.[3] Care a sever connections time Koss was search for newborn ideas, predominant partnered sell Martin Thump to in the end develop a stereo earpiece. Based exterior Milwaukee, River, United States, in 1991 Koss Afferent & Recording Electronics started producing give orders to selling consumer electronics byproducts as a separate band in Gumwood, Missouri, Unified States. Rendering Koss lineage owns make more complicated than 75% of depiction firm.
Having only a high secondary education, Lav C. Koss worked buy and sell Lange, emblematic engineer, get into the swing develop representation headphone make certain launched description company wellnigh by shunt, as they came work the earpiece idea tempt a appear in of deal with attempt appendix market a portable phonograph.[4] What imposture this output unique was the sequestration switch hallmark, which gave listeners interpretation opportunity dirty listen unite the labour Koss SP/3 Stereophones. Initially, the product's purpose was to pose to consumers the high-fidelity stereo ringing of description portable phonograph.[5]
Until
•
Outsourcing
Contracting formerly internal tasks to an external organization
Not to be confused with Offshoring.
Outsourcing is a business practice in which companies use external providers to carry out business processes, that would otherwise be handled internally.[1][2][3] Outsourcing sometimes involves transferring employees and assets from one firm to another.
The term outsourcing, which came from the phrase outside resourcing, originated no later than 1981 at a time when industrial jobs in the United States were being moved overseas, contributing to the economic and cultural collapse of small, industrial towns.[4][5][6] In some contexts, the term smartsourcing is also used.[7]
The concept, which The Economist says has "made its presence felt since the time of the Second World War",[8] often involves the contracting out of a business process (e.g., payroll processing, claims processing), operational, and/or non-core functions, such as manufacturing, facility management, call center/call center support.
The practice of handing over control of public services to private enterprises (privatization), even if conducted on a limited, short-term basis,[9] may also be descr